9911796707
TMI Blog2021 (10) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... "BEFORE THE INCOME-TAX APPELLATE TRIBUNAL: -BENCH : HYDERABAD I.T.A.NO. A.Y. 2009-10 VUPPALA RAJ KUMAR No.7-3-60, Old Gunj, Siddipet Hon'ble Pr.CIT-7, Hyderabad APPELLANT RESPONDENT PETITION PRAYING FOR CONDONATION OF DELAY: I, Vuppala Rajkumar Son of Sri V.Shekaram, aged about 57 years resident of No.7-3-60, Old Gunj, Siddipet, do solemnly affirm and state as under:- The assessee is an individual. The assessee is carrying on business in Kirana & General items. For the asst. year 2009- 10 the assessee filed return of income on 08.09.2010 declaring total income of Rs. 1,60,400/-. The case was taken up for scrutiny in the light of information that there were cash deposits to the tune of Rs. 33,44,984/- in ING Vysya Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax matters. He left service without any prior notice or without handing over the papers. The new clerk who jointed in the month of September 2016 brought all pending papers to the notice of the auditor who advised the assessee to file appeal against the said order immediately. Thus, the delay occurred in filing of the present appeal against the order of the Hon'ble CIT-7 dated 25.01.2016. Due to above detailed circumstances, the delay occurred in filing of the appeal before the Hon'ble ITAT, Hyderabad. Thus, the appeal was filed on 14-09-2016 with a delay of 234 days. The delay is quite unintentional and inadvertent due to circumstances beyond the appellant's control. It is therefore prayed that the delay may pleas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation. In the consequent remand proceedings, the Assessing Officer asked the assessee to furnish the sources of the cash deposits. The assessee could not furnish the same and therefore, the Assessing Officer vide order u/s 143 r.w.s. 263 of the Act dated 27.10.2014 estimated the net profit at 12% of the cash deposits of Rs. 34,31,180/- and brought it to tax. 6. The CIT again assumed jurisdiction u/s 263 of the Act and vide orders dated 27.2.2015 directed the Assessing Officer to bring to tax an amount of Rs. 27,09,685/- as unexplained cash credit u/s 68 of the I.T. Act and thereafter, the Assessing Officer passed the consequential order dated 1.6.2016 bringing a sum of Rs. 27,09,685/- to tax u/s 68 of the Act. Aggrieved, the assessee is i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t he was not maintaining any books of account and expressed his inability to explain the sources of the cash deposits, the Assessing Officer during the assessment proceedings under section 143(3) of the I.T. Act estimated the income at 12% of the total turnover/deposits of Rs. 34,31,180/-. The learned Counsel for the assessee submitted that the Assessing Officer during the consequential assessment proceedings u/s 143(3) r.w.s. 263 of the I.T. Act, had made inquiries as directed by the CIT u/s 263 and has accordingly taken a view of treating the deposits as assessee's turnover and estimating the profit on the turnover at 12% since the assessee could not submit any details. Therefore, according to him, the Assessing Officer has accepted one o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sources for the cash deposits. It was only on account of the assessees' inability to produce any evidence in support of the cash deposits that the Assessing Officer has proceeded to treat the total of the cash deposits also as the turnover of the assessee and estimate the income thereon at 12% as against 5.5% initially done by the Assessing Officer. It is, therefore, clear that the Assessing Officer has followed the directions of the CIT to verify the sources of the cash deposits and thereafter, on the inability of the assessee to explain the same, the Assessing Officer has adopted one of the possible views i.e., to treat the cash deposits as business receipts and to estimate the income at a percentage of the cash deposits or to make an ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
